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Stocks fell on Wednesday as pressure continued to build in the bond market, pushing Treasury yields to levels not seen in more than two decades.
The Dow Jones Industrials plummeted 539.23 points, or 1.1%, to 50,982.06
The S&P 500 demurred 50.17 points to 7,768.76
The NASDAQ Composite lost 219.7 points to 27,380.85, down from an all-time high.
Bank stocks dropped as investors feared higher interest rates would hinder lending activity. Shares of Goldman Sachs moved down nearly 3%, while Citigroup pulled back more than 2%. Others such as Bank of America, Wells Fargo and JPMorgan shed more than 1%.
Technology stocks also came under pressure amid worries that higher borrowing costs would limit the artificial intelligence buildout. CrowdStrike shares were lower by 3%, while Palo Alto Networks and Meta Platforms each lost more than 2%.
Prices for the 10-year Treasury sagged, raising yields to 5.31% from Tuesday’s 5.28%. Treasury prices and yields move in opposite directions.
Oil prices poked ahead 14 cents to $89.58 U.S. a barrel.
Gold prices let go of $54.80 to $4,132.30 U.S. an ounce.
